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Patterson UTI (PTEN) Jumps on Impressive Horizontal Rig Count

By  +Follow October 4, 2013 8:22AM
Tickers Mentioned:

Shares for Patterson-UTI Energy Inc. (PTEN) were trading 5 percent higher on Friday, on news that the oil and gas drilling and exploration company had some 190 rigs operating in the US and Canada.

The announcement is significant in that it comes in the wake of oilfield services leader Baker Hughes (BHI) released a report that indicated weaker demand for drilling rigs in the US. More than 100 of Patterson’s rig operate in the US.

The Baker Hughes report also showed that what demand does currently exist is the result of greater need for unconventional, horizontal drilling rigs that have the capability of tapping in to the US’s growing number of shale-based oil and natural gas deposits, and this is the source of Friday’s bullishness on Patterson’s stock.

Indeed, while other drillers, particularly Helmerlich & Payne (HP) currently operates the largest number of AC-powered horizontal drilling rigs in the US, with a total on average of about 270. Nabors Industries Ltd. (NBR) comes in second with 245 such rigs, but Patterson is catching up with a current and growing total of 117.

With a market-cap of $3.3 billion, however, Patterson is less than half the size of Helmerlich (nearly $8 billion), and is also smaller than Nabors (about $5 billion). Patterson has also been having a strong year, with its stock advancing over 20 percent in 2013, and looks to be on course to join the upper tier of mid-cap drillers and explorers.

The company is set to release its quarterly earnings statement on October 24. Shares were crawling steadily towards $24, approaching a 52-week high of $25.30 in Friday trading.



[Image Courtesy of Wikimedia Commons]

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Results for pten
25 Nov 15 13:01:03
MidCap #Stocks Trend $SPN $POST $ROVI $PTEN $SAIC $ANF $AMD $QEP $SMG $CAB $IT $AGCO $MDRX $UDR $KRC $NE $CEB @ https://t.co/H27z0JgFGk
25 Nov 15 13:00:44
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25 Nov 15 12:36:24
$SALE Undervalued cash-rich retailer due for gains on Black Friday; $60M stock buyback plan in Q4 https://t.co/qM8kTQpx0i $PTEN $ENR $SWFT
DE Asset Management
25 Nov 15 10:50:44
RT @clayton_dd: PTEN 16.20 Patterson-Uti Energy $PTEN added to my watch list. Right now with PTEN I am watching the last price https://t.co…
25 Nov 15 08:52:48
MidCap #Stocks Trend $POST $ROVI $ANF $PTEN $NE $QEP $UDR $AMD $CPRT $ARRS $THO $INGR $ATR $IT $KBR $RMD $CEB @ https://t.co/H27z0JgFGk
25 Nov 15 08:38:50
PTEN 16.20 Patterson-Uti Energy $PTEN added to my watch list. Right now with PTEN I am watching the last price https://t.co/dwPbi4hb6H
25 Nov 15 06:58:06
$BAS $PTEN: High Profit, High Liquidity Stocks: Basic Energy Services, Inc (NYSE …: https://t.co/7fsIHnvf8e
25 Nov 15 03:03:31
$PTEN Patterson-UTI Energy to Present at the Cowen and Company 5th Annual Ultimate Energy Conference From our Stock News Alerts App
25 Nov 15 03:03:09
Weekly MidCap #Stocks Trend $ANF $ESL $AMD $ROVI $QEP $POST $ALB $MSA $CPRT $GEF $SON $KBR $PKG $WWD $PTEN @ https://t.co/H27z0JgFGk
24 Nov 15 23:46:11
PTEN 16.57 Patterson-Uti Energy Stock Charts $PTEN Last Updated: 11/24/15 Last price: 16.57 Total volume: 5,49 https://t.co/AzdohB6MPt
24 Nov 15 22:48:14
PTEN Year to date has changed -0.12% percent. +9.95% in the last 30 days. $PTEN Patterson-Uti Energy Full brea https://t.co/JesI1TzwOz
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$PTEN $STL: Is SemGroup Corp (SEMG) Going to Burn These Hedge Funds?: https://t.co/G5QWkxMgAu
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24 Nov 15 17:07:46
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The Legacy News
24 Nov 15 16:25:44
Patterson-UTI Energy Trading Up 5.8% $PTEN https://t.co/r5ZCVWIbRp
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MidCap #Stocks Trend $QEP $EGN $POST $PTEN $AMD $CPRT $ANF $NE $CBT $CEB $MSA $SLAB $KBR $ROVI $OLN $VAL $WGL @ https://t.co/H27z0JgFGk
24 Nov 15 16:03:03
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24 Nov 15 15:32:35
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24 Nov 15 15:30:00
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MidCap #Stocks Trend $QEP $POST $EGN $PTEN $CPRT $AMD $ANF $NE $CBT $VAL $KBR $OLN $ROVI $OSK $WWD $SLGN $AOS @ https://t.co/H27z0JgFGk
24 Nov 15 13:00:32
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24 Nov 15 08:52:31
MidCap #Stocks Performance $AVP $POST $QEP $SUNE $DNR $NBR $EGN $SPN $SM $CPRT $HLX $RDC $CRS $PTEN $ASNA more@ https://t.co/H27z0JgFGk
24 Nov 15 08:48:36
Volume Alert - PTEN 15.93 Patterson-Uti Energy $PTEN Hit a high today of 16.30 Closing the day 10:30 at 15.93 https://t.co/Sw4ZSWyTEh
Breaking News Now
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$NE $WFT $PTEN: 3 Under-The-Radar Energy Stocks: Noble Corp plc (NYSE:NE …: https://t.co/rzqO732mQW
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24 Nov 15 06:53:15
$PTEN $JNJ: Analyst Recommendations on These Hot Stocks: Patterson-UTI …: https://t.co/4LcbQedAhK
24 Nov 15 06:43:36
New trend detected on $PTEN when price was 16,19 https://t.co/JHxgpzDQJi #TradingSystem #Randomwalk
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$PTEN: U.S Stocks Trader’s Buzzers: United States Steel (NYSE:X …: https://t.co/yEhJdXMOLY
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$ETE $PTEN: Sizzling Oil Stocks Update: Energy Transfer Equity LP (NYSE:ETE …: https://t.co/U9epU4hQgd
24 Nov 15 04:04:36
$PTEN $NE: Oil price up: Patterson-UTI Energy, (PTEN), Noble Corp (NE …: https://t.co/oEJ2zRj6u0
24 Nov 15 01:58:03
$PTEN: Market Mover: Patterson-uti Energy Incorporated(NASDAQ:PTEN)?: https://t.co/pqTAIT9GCd
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23 Nov 15 15:52:00
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23 Nov 15 15:51:59
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23 Nov 15 15:51:58
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23 Nov 15 15:46:47
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23 Nov 15 14:49:50
BNK Invest
23 Nov 15 13:30:44
Notable Monday Option Activity: $KPTI $DY $PTEN #stockoptions https://t.co/Kkce3vMMnP
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23 Nov 15 12:30:10
Notable abnormal option call volume in the day: $PTEN 12963 vs average 227 $QIWI 4162 vs avg 105 $NEON 4162 vs avg 38 $HDS 2082 vs avg 38.
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Ticker Report
23 Nov 15 11:37:48
Analysts’ Recent Ratings Changes for Patterson-UTI Energy $PTEN https://t.co/zsn2TBrIoH
US Banking News
23 Nov 15 11:35:36
Analysts’ Recent Ratings Changes for Patterson-UTI Energy $PTEN https://t.co/NDC1ihwjvB
Capital Market Labs
23 Nov 15 09:00:46
$PTEN Very Poor Fundamental Rating https://t.co/h1Zwt8pcym https://t.co/obg9cufx2E
By  +Follow October 4, 2013 8:22AM



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